Sphinx Grants Stock Options

MONTRÉAL, QUÉBEC--(Marketwired - Oct. 13, 2016) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) announces that a total of 1,450,000 stock options have been granted to its directors, officers and advisory committee member. Of this number, 1,400,000 have been granted to its directors and officers and 50,000 to its advisory committee member. These options have an exercise price of $0.10 per share and are exercisable during a 10-year period. These incentive stock options have been granted in accordance with Sphinx's stock option plan.

Sphinx is engaged in the generation and acquisition of exploration projects in Québec, Canada which is recognized as an attractive mining jurisdiction worldwide.

For further information, please consult Sphinx's website: www.sphinxresources.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx's periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.